Transferring money internationally for a property purchase in the Dominican Republic requires careful planning to ensure compliance, security, and efficiency. Here’s what foreign buyers need to know to move funds safely and legally.
1. Use Reputable Transfer Channels
Bank Wire Transfers
- The most common method for real estate purchases.
- Funds are sent from your bank to the seller’s or lawyer’s escrow account in the DR.
- Ensure the receiving account is clearly named in the promesa de venta (purchase agreement).
Currency Transfer Services
- Companies like Wise, OFX, and Revolut offer better exchange rates and lower fees than traditional banks.
- Often faster and more transparent for mid-size transactions.
Tip: Verify the maximum daily/monthly transfer limits and ensure your name matches all official documents.
2. Understand Local Banking Rules
- Large transactions (over $10,000) may trigger reporting obligations in both your home country and the DR.
- You can transfer the money directly to the attorneys escrow account from the US/Canada/Europe, this way is the most common.
- It’s as well common to transfer funds to your own Dominican bank account first, then to the seller.
- Foreigners can open a DR bank account with passport ID and proof of purchase/contract.
3. Document Everything
Keep a clear paper trail:
- Bank receipts
- SWIFT confirmations
- Signed agreements
These documents are useful for:
- Legal compliance
- Title registration
- Proving source of funds if needed by Dominican or foreign authorities
4. Work with a Trusted Real Estate Attorney
A licensed attorney will:
- Handle the escrow account
- Coordinate with the notary and registrar
- Advise on timing and transfer procedures
They can also ensure the seller’s documents are in order before any payment is made.
5. Plan for Timing and Currency Fluctuations
- Exchange rates can shift rapidly: lock in a rate with your transfer provider.
- Transfers may take 1–5 business days, depending on method and institutions involved.
- Time the transfer to align with signing deadlines and closing requirements.
Transferring money for your property purchase in the Dominican Republic doesn’t have to be complicated-but it does require accuracy and trusted professionals. By using secure channels and keeping clear records, you can ensure your investment is safe from start to finish.
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